EUR/NOK may rise 452 - 662 pips

Our pivot point is at 11.6680.

Our preference

As long as 11.6680 is support look for 11.7660.

Alternative scenario

The downside breakout of 11.6680 would call for 11.6330 and 11.6130.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.6943 and 11.6810).

Supports and resistances

11.8070 **

11.7860 *

11.7660 **

11.7450

11.6998 last

11.6810

11.6680 **

11.6330 *

11.6130 **

Number of asterisks represents the strength of support and resistance levels.